Stablecoin GHO Officially Launched on Ethereum Mainnet
The Aave protocol has officially launched its stablecoin, GHO, on the Ethereum mainnet following a period of community voting.
Stablecoin GHO Officially Launched on Mainnet
Previously, in February 2023, the Aave team conducted tests with the GHO stablecoin on the Goerli testnet. With GHO now live on the mainnet, Aave V3 users can immediately utilize and borrow the stablecoin.
The Aave DAO has successfully launched @GHOAave on the Ethereum Mainnet. Congrats to the Aave community on this historic moment! pic.twitter.com/Br3QGqMU8X
— Aave Labs (@aave) July 15, 2023
Source: Aave Twitter
"Aave DAO has successfully launched GHO on the Ethereum mainnet. Congratulations to the Aave community on this historic milestone," shared the project's Twitter account.
The Aave team is set to provide detailed demonstrations of the stablecoin at the EthCC conference in Paris.
Understanding GHO
For more technical details and operational insights about the GHO stablecoin, readers can follow the link below:
We voted YAE on $GHO AIP, allowing the proposal to reach quorum.$GHO should be available on July 15th at ~5:30pm CEST (Paris). pic.twitter.com/7xR6AgcCE7
— Aave-Chan Initiative {ACI} (@AaveChan) July 12, 2023
Learn More: GHO Stablecoin - Aave's Strategic Move During Economic Downturns
The Growing Stablecoin Battle
The stablecoin market, particularly within decentralized models, is heating up. MakerDAO's DAI is leveraging yield from traditional assets like government bonds, while crvUSD and Curve Finance aim to utilize abundant resources from staked ETH to support token supply expansion.
Aave's development of its own stablecoin, GHO, is expected to attract additional capital into Aave's product ecosystem. From a business perspective, the fees generated from loans in the form of this stablecoin will be directed into the Treasury reserves managed by Aave.
